The banking & finance sector has been one of the most adaptive industries towards developments in communication and technology recently. It has experienced its own kind of digital transformation with the introduction of chat banking. The increased popularity of WhatsApp has influenced change for many businesses across industries over the last few years. It provides businesses with the opportunity to leverage existing technology and use it to serve customers more effectively. Moreover, it has emerged as a user-friendly tool for communication, and more sectors are beginning to pay attention, including banking. In a highly competitive business world where customers demand timely and relevant services, WhatsApp Business provides privileges that will soon become a crucial element of banking services. Here we highlight the uses and applications of WhatsApp Business for banking and finance communication.
Power of WhatsApp Business Solutions
From automating conversations with users, facilitating customer service with real-time alerts, account balances, latest transaction records and payment transfers, to efficiently conducting research and surveys, WhatsApp can help the industry offer a seamless customer experience, thus minimising manual efforts and increasing efficiency. Customers are increasingly demanding value-added, real-time services, digital self-service, and personalised commitment. Empowering clients to manage their financial lives without facing any challenges is now a valid differentiator point. In a fiercely competitive financial space, where consumers often complain of the lack of apparent accessibility to timely customer service and resources, WhatsApp can be a real step-up to facilitate easy interaction with business prospects and existing customers through an app they use the most.
A WhatsApp chatbot in retail banking can provide abilities like reviewing and managing accounts, finding ATMs, applying for increased services, keeping track of everyday expenses and monitoring spending. It converts people’s smartphones into personal bankers. It aims to lower support costs while enhancing end-user satisfaction. It can be utilised for a user’s account registration, dual-factor authentication, additional service application, cheque books, call-back requests, missing or stolen card reporting, EMI estimations, monthly statements, etc. Wealth and Asset Management services include intelligent risk evaluation questions, portfolio rebalancing recommendations, performance analysis, and details of mutual funds & equity transactions. Whereas, in Lending and Financial services, it can be used to grant mortgage offers that fit customer profiles and monthly loan statements, etc.
WhatsApp Business Solutions assist with payments and transfers, client onboarding, modifying or deleting recipients, currency rate data alerts, and real-time financial market data in the emerging banking and finance sector. All such features make WhatsApp Business Solution the most desired app in the industry, considering how it removes complexities from customer journeys, especially for the Gen-Z.
Future of Banking and Financial Services
With the WhatsApp API for Business, the financial sector can intensify customer help with the latest account balances, updated transaction records, alerts, and payment transfers. Moreover, as online engagement becomes more conversational, using chat apps to facilitate banking transactions for clients makes perfect sense. With WhatsApp Business APIs coming into play, banks will be able to connect with their customers much more quickly. An ideal WhatsApp Business Solution Provider will meet all stringent requirements, such as:
Security of user data is always a concern, but WhatsApp Business Solution is General Data Protection Regulation (GDPR) compliant. It means that all necessary security measures are automatically made, which applies to both Android and iOS devices. In addition, the CPaaS solutions can facilitate 2-factor authentication with transaction approval requests and PIN deliveries over WhatsApp for an added layer of security.
As WhatsApp Business Solution is end-to-end encrypted, businesses can share and receive sensitive information such as payment requests, addresses, etc., in their customer communications. There is an opt-in required to verify these business accounts. An end-user must first agree to receive messages through the WhatsApp Business Solution via a third party channel: a website, app, email, SMS, or retail location.
Ultimate Customer Support Service
Waiting time loops and email processing rates can be reduced with the support of chatbots. The critical initial data, like credit/debit card blocking, opening hours, closest ATM, etc., can be collected first and sorted. Chatbots also offer preliminary advice on essential questions, such as balance, loan duration, mutual fund investments, etc. In short, the primary level conversations can be handled by bots and transferred to a live agent for a personal consultation or advanced consultations with leads. Thus, it preserves business resources and time, eventually trimming costs.
To conclude, it is apparent that the banking sector is now gearing towards a paradigm shift in customer communication. With the ever-growing reach of WhatsApp, the finance space commands an excellent opportunity to leverage this popular app for daily transactional needs and streamlining transfer and payment solutions. If you wish to gain a competitive edge in the sector by providing superior and much better customer service, quickly reach out to mTalkz. It is more beneficial to partner with tech companies such as mTalkz, who will ultimately help you establish your WhatsApp Business API account to WhatsApp Business API integration and render the best results. Not only this, but you will also acquire the strength to retarget the consumers and always be available to assist them. Request a demo today!